§ 1291 — New York housing for the future rental housing program

New York § 1291

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 32: New York Housing For the Future Homeownership and Rental Housing Programs

Text

§ 1291. New York housing for the future rental housing program. 1.\nProgram establishment. Within amounts appropriated or otherwise\navailable therefor, the division of housing and community renewal, the\nhousing trust fund corporation, or the housing finance agency shall\ndevelop and administer a program which shall provide assistance in the\nform of payments, grants and loans for the formation of income-limited\nrental housing utilizing funding appropriated for such a purpose as well\nas any other funding source or sources which the commissioner may\ndetermine is suitable to support such a program. Such program may\nutilize any appropriate site, including, but not limited to, state owned\nsites, municipally owned sites, or sites owned by a not-for-profit\ncorporation or community land trust for the purpose of providing housing\npursuant to this section. Real property may be acquired by a\nmunicipality for the purpose of such program as authorized pursuant to\nsection five hundred seventy-six-a of this chapter, provided, however,\nthat any acquisitions or transfers undertaken to further the goals of\nthis article pursuant to such section shall not be required to be\ntransferred to a housing development fund company incorporated and\norganized pursuant to section five hundred seventy-three of this\nchapter. Such program shall provide (a) housing for households with an\nincome up to one hundred and thirty percent of area median income at the\ntime such household initially occupies a unit, provided further that\nhouseholds that are initially eligible for the program at the time such\nhousehold initially occupies a unit but realize income gains subsequent\nto occupying such unit may be required to pay a surcharge as determined\nby the division of housing and community renewal or other supervising\nagency, as the case may be, and (b) that housing units created pursuant\nto this section remain affordable in perpetuity.\n 2. Additional responsibilities. The division of housing and community\nrenewal, the housing trust fund corporation, or the housing finance\nagency shall have the power to issue regulations, plans, guidance\ndocuments, or set terms in regulatory agreements to implement such\nprogram and the process for: (a) renters leasing a unit which shall\ninclude both confirming income qualifications as well as a restriction\non the maximum amount of assets any qualified renter may have; (b)\nselecting new households eligible to rent housing which has been vacated\nby a previous renter; and (c) the creation of boards of directors for\nsuch income-limited rental housing companies established by this\nchapter, provided however that such boards shall have the powers and be\nsubject to the limitations contained in the not-for-profit corporation\nlaw in the same manner and subject to the same exceptions as set forth\nin section thirteen-a of this chapter.\n 3. Management. All such income-limited rental housing projects shall\nbe managed independently of the residents of the project by a\ncorporation or not-for-profit corporation determined qualified by the\ndivision of housing and community renewal or other supervising agency,\nas the case may be, in accordance with standards or guidelines set by\nthe division of housing and community renewal or other supervising\nagency, as the case may be. Any regulatory agreement that is executed\nfor such program shall include a requirement that resident rent\nincreases by a minimum percentage annually to ensure that such housing\ncontinues to be in good repair.\n 4. Tax exemptions. Housing for such program shall be eligible for tax\nexemptions in the same manner as projects under article eleven of this\nchapter.\n 5. Wage requirements. Notwithstanding any law, rule, or regulation to\nthe contrary, any project constructed pursuant to this section shall be\nsubject to prevailing wage requirements in accordance with sections two\nhundred twenty and two hundred twenty-b of the labor law; provided,\nhowever, such requirements shall not apply to construction work\nperformed under a pre-hire collective bargaining agreement between an\nowner or developer and a bona fide building and construction trade labor\norganization which has established itself and/or its affiliates as the\ncollective bargaining representative for all persons who will perform\nwork on such a project, and which provides that only contractors and\nsubcontractors who sign a pre-negotiated agreement with the labor\norganization can perform work on such a project.\n